The highly anticipated decentralized iteration of the internet, dubbed Web 3.0, has caused significant waves across the blockchain ecosystem. Everyone is busy placing their opinions left, right, and center, with some in favor of the idea, some against it, and some outright calling it “yet another capitalistic gimmick.

While the transition from Web2 to Web3 is unfolding at an unprecedented rate, billionaires are battling it out on social media, unaware of the ground reality. This time, the war of words spread like wildfire on Twitter, leading to an escalating tussle between Silicon Valley venture capitalist Marc Andreessen and Ex-CEO of Twitter Jack Dorsey.

web 3.0 saga

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The Dorsey-Andreessen Tweet War Explodes Web 2.0

The feud began after Jack Dorsey launched a scathing attack on “the concept of Web 3.0.” Dorsey, who is also one of the most vocal proponents of Bitcoin, posted a rather unusual and uncharacteristic opinion against Web3, warning blockchain investors that the idea of Web3 is already infested with deep-pocketed investors. According to his tweet on December 21st, Dorsey said, “You don’t own web3. Their VCs and LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into.”

Coined by Gavin Woods in 2014, Web 3.0 is a futuristic concept that represents the next phase of the internet, where it transitions into a fully decentralized online ecosystem based on cryptocurrencies. However, Dorsey isn’t convinced. While the Twitter melodrama has raised significant questions about the war brewing across the techpreneur and investor fraternities, it is still unclear who gets to build the future of the internet.

Jack Dorsey’s string of tweets took aim at big venture capital firms like a16z that have invested jaw-dropping amounts in Web3 projects. Next, Dorsey entered into another tweet war with Chris Dixon, a well-known partner of Marc Andreessen. Chris Dixon is known for his constant tweets on Web3. Following Dorsey’s tweet, the Web3 proponent posted an excerpt from Mahatma Gandhi’s bio saying, “first they ignore you, then they laugh at you, then they fight you ? we are here…then you win.”

While the tweet was not related to Dorsey’s earlier tweet, the ex-CEO of Twitter went all guns blazing, adding a response that practically ripped apart Chris Dixon. Dorsey tweeted his reply, saying, “You’re a fund determined to be a media empire that can’t be ignored…not Gandhi.”

Things were settling down, but Tesla CEO Elon Musk tossed another alley-oop towards Dorsey, who didn’t miss dunking it straight for a perfect score. On Elon Musk’s tweet, “Has anyone seen web3? I can’t find it.” Dorsey promptly replied, taking yet another dig on Andreesen – Horowitz (the venture capital firm a16z), remarking, “It’s somewhere between a and z.”

Next, Dorsey called out the Wall Street Journal for using his name and photograph on clickbait articles related to Web3 and then posted a meme showing how the Web3 ecosystem will work. Seemingly infuriated by the ongoing trolling and name-calling, Marc Andreessen blocked Dorsey on Twitter, giving Dorsey more ammunition to troll Andreessen with a new tweet that said, “I’m officially banned from web3.”

Even though many observers sided with Jack Dorsey’s sudden outburst, others believed it might have been a bit uncalled for. Either way, proponents of Web3 quickly pointed out that there are several instances where the true power of decentralization was at play, confirming that Web3 is indeed open, transparent, and inclusive.

For instance, the on-chain analyst @WillyWoo, replied to Dorsey, stating, “If they are truly open protocols, if the incentives get too perverse, the community rips the network away from the founder/VC coalition. It’s the community that powers these networks. E.g. 2014 CryptNote to Monero relaunch or the recent community vs Brock Pierce battle on EOS.”

This tweet referenced the recent battle between the EOS community, led by the newly formed EOS Network Foundation, and the platform’s main developer, Block.One. Alarmed by the developer’s lack of commitment towards the project, the community decided unanimously to sack Block.One from its role of lead developer. All future payments to the entity were blocked as part of this decision.

Per reports, Block.One would have received almost 67 million EOS tokens, roughly $250 million, over the next six to seven years. However, the community decided that the “lead developer” wasn’t committed to the cause. Following this incident, Block.One neither retaliated nor demanded the payment, which highlights where community support plays a critical role in the potential of Web3.

Even though the ownership question remains unanswered, several promising Web3 projects are coming to fruition, bringing a new world of opportunities and features to help the global population participate in the transition. Here are some Web3 projects that aim to shape the future of the internet, irrespective of the billionaires’ spat on Twitter.

Promising Web3 Projects Will Give Back Users Full Control

First up on this list is Partisia Blockchain, a public and transparent Web3 privacy layer. Backed by the not-for-profit Partisia Blockchain Foundation, Partisia Blockchain features a team with vast experience building enterprise-grade software using cryptography and multi-party computation (MPC).

Partisia Blockchain merges the inherent features of blockchain with its highly secure MPC technology to solve the privacy problems across the crypto ecosystem, giving enterprises the benefits of decentralized technologies while ensuring end-to-end data privacy and security.

One aspect that sets Partisia apart from other existing solutions is that it offers a complete Web3 infrastructure without any single point of trust for generic information coordination across all platforms and applications. Its innovative solution grants users full control over their data even when used by third-party service providers, addressing the pressing data privacy issue.

Still, when it comes to data privacy and control over personal data, the existing Web2 infrastructure isn’t up to the mark. PhotoChromic, an up-and-coming Web3 project, aims to resolve this through NFTs (non-fungible tokens). The platform has integrated NFTs with user identity to develop a biometrically manageable model of SSI (Self-Sovereign Identity) across blockchain networks, dApps, and software services.

By combining NFTs and blockchain, PhotoChromic overcomes the limitations of individual data sovereignty usually managed by governments and third-party service providers like banks and insurance companies. The platform leverages NFTs to make programmable identities for users, which are verifiable, universally addressable, and highly secure.

With PhotoChromic, users will retain control over their data, allowing them to participate in the wide range of Web3 products and services safely and securely. Individuals and businesses can employ the PhotoChromic infrastructure to generate immutable online identifiers, enabling new use cases without compromising privacy.

Another project spearheading the Web3 revolution by introducing a comprehensive model of “trust-as-a-service” is Smartlink. Trust between both parties plays a critical role when it comes to online transactions. While the centralized economy already features several solutions, they aren’t designed for Web3. Smartlink aims to address this with its smart contract escrow solution.

Built on the Tezos blockchain, Smartlink is the trust-as-a-service provider for Web 3.0. It offers a range of escrow smart contracts that enable users to buy and sell goods and services without any mediators. Using Smartlink Escrow smart contracts, anyone can avoid the risk of losing their payment to scams and frauds. Additionally, the smart contracts are autonomous, which helps eliminate the mediator fee charged by P2P marketplaces and other legacy systems.

Currently, the Smartlink escrow contracts have been rolled out for digital assets. The Smartlink team is working with the CEA Research team to diversify the contracts for real-world use further and add more escrow solutions for physical goods.

As the dream of Web3 gradually turns into reality, these feuds among entrepreneurs and investors are inevitable. However, it is also essential to look at the promising projects laying the groundwork for the decentralized web. Yet, only time will tell if a “truly decentralized technology” will ever exist or if it will become the playing ground for deep-pocketed investors and firms.